Frequently Asked Questions
Some of the most popular questions we face, answered for you
What is Wealth Management?
Wealth management is an investment advisory discipline that incorporates comprehensive financial planning, investment portfolio management, and a number of financial services including retirement planning and estate planning. High Net worth Individuals (HNWIs), small business owners, and families who desire the assistance of a financial advisory specialist call upon wealth managers to coordinate and advise on their comprehensive financial needs.
What is Financial Planning?
Financial planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a home, saving for your child’s education, or planning for retirement. The general financial planning process includes:
- Gathering relevant financial information
- Setting life goals
- Examining your current financial status
- Developing a strategy or plan for how you can meet your goals given your current situation and future plans.
- Reviewing this plan on an ongoing basis.
How can I protect my wealth?
There are a number of things one can do in an effort to protect wealth, such as retirement planning, estate planning (including developing a plan for the orderly transfer of wealth to your heirs), being more tax-efficient, or exploring the addition of fixed income investments to a portfolio.
What about Taxes?
It is important that financial plans are tax efficient. Your financial plan should help you in minimizing your tax liability and maximizing your after-tax returns from your investments. Some financial planners help their clients in preparing and filing their tax returns.
Why do I need an insurance policy?
Life insurance is a contract with a company that is supervised by the Central Bank of Trinidad and Tobago and backed by millions of dollars held in statutory funds for your protection. When it comes to securing your wealth and sending it forward to the future, nothing does it better. These powerful contracts can be used strategically to fund major life moves, save money, build powerful family companies or trusts and meet many routine financial needs. Most importantly it can help you give your family financial head start.
Why should I evaluate my insurance needs?
Evaluating your insurance needs is part of personal financial planning. Insurance takes care of your unpredictable needs, and because these needs can arise at any time, insurance is extremely important. Investments take care of your predictable needs and ideally should follow after your unpredictable needs are addressed.
How often should I review my Life Insurance needs?
As your life changes, your needs do, too. A common recommendation is that you should review life insurance protection at least every 5 years or sooner if a major life event such as marriage, divorce, a new child, home purchase, new job, starting a business, or retirement.
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